We have been providing financial and HR outsourcing services for more than 20 years, and when we help our clients to open a turnkey business in Russia, we always give one important piece of advice: your business in Russia will be successful if you know the rules and follow the law.
Russian laws and regulations are not perfect. Although they are quite complicated, change constantly and can be interpreted in different ways, it is nevertheless very important to perform financial and business activities in accordance with these laws to avoid overpayments, penalty charges and claims from state authorities. While running your business in Russia, you will have to get to grips with the ins and outs of accounting, tax accounting, HR recordkeeping, as well as with federal inspections conducted to verify that your business is run in compliance with the law.
What is particular in Russia is the difference between accounting and tax accounting. When foreign clients outsource their accounting to us, they wonder why everything is so complicated, why we request so much information and details, and they ask to explain the basics of taxation, etc.
This guide, which describes the basic things that are familiar to any professional accountant in Russia, is intended to help foreign companies to understand the differences between accounting and tax accounting. These differences are of strategic importance: once assimilated, they allow drawing up general financial statements and comply with the Russian Tax Code with ease.
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